With the support of HSBC, the initiative has raised more than £180,000 for the Conwy Valley hospice in previous years.

And as before the challenge will see the charity receive an initial £5,000 from HSBC to kick-start the campaign.

The money will be divided into £50 sums for up to 100 local businesses and other organisations.

Participants will be asked to use their £50 to raise as much as they can for hospice running costs.

A presentation evening on March 1 will see the £50 start-up funding handed over and the challenge runs until the end of November.

Sarah Kearsley-Wooller, Ty Gobaith fundraising manager, said: “Over the past three corporate challenges we have been overwhelmed by the entrepreneurial skills of more than 120 companies, who together have raised a phenomenal £180,000.

“This year’s challenge will help Ty Gobaith with its dream – to continue being a lifeline to terminally-ill children & young people and their families, helping them take the best way down the hardest path.”

She added: “This challenge also provides an opportunity for networking and building team spirit and above all it is fun.”

She added: “Fundraising ideas can be as simple or as complex as participants want – they might involve a day-long event, a one-off raffle or a series of money spinning activities.”

HSBC’s Area Commercial Director Nigel Kay said the company is thrilled to again be involved.

Business Post also got involved in last year’s challenge, auctioning-off a limited edition, signed copy of Richard Branson’s Business Stripped Bare.